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Ensuring the family’s protection and security, in case of any unfortunate event is on the top priority. Max Life Premium Return Protection Plan is a Non-Participating Limited Pay Plan that provides a comprehensive life cover plus returns all your premiums paid at the maturity of the policy.
Get comprehensive protection with in-built Accidental Death Benefit
Guaranteed return of premiums at maturity
Flexible policy tenure of 20/25/30 years
Avail limited pay period of 11 years
Hassle free simple steps to buy the plan
Discount on High Sum Assured
Lower premium rates for female lives
In case of death of the life Insured, base policy sum assured is paid. In case of death due to an accident, an additional 50% of the base policy sum assured is paid to the nominee.
The death benefit payable is the higher of
Guaranteed Maturity Sum Assured= Total premium payable over the premium paying term
Guaranteed Death Sum Assured= 100% of Sum Assured for non-accidental claims and 150% of Sum Assured for accidental claims.
At the end of the policy term, policyholder will receive Guaranteed Maturity Sum Assured which is the Total Premium paid over the Premium Payment Term.
No loan can be availed under this policy.
This policy can be revived within 2 years from the due date of the first unpaid premium. You have an option to revive the policy under reduced paid up mode within 2 years from the due date of the first unpaid premium, subject to the receipt of the written request.
Surrender value can be acquired under this plan, provided all due premiums have been paid in full for the first three policy years. The Surrender value is the higher of Guaranteed Surrender Value or Special Surrender Value.
|Age (as on last birthday)||21 Years||55 Years (for 20 years policy term), 50 Years(for 25 years policy term), 45 Years (for 30 years policy term)|
|Age at Maturity||-||75 Years|
|Policy Tenure||20/25 Years||30 Years|
|Premium Paying Term||11 Years||-|
|Premium Paying Mode||Monthly, Quarterly, Semi Annually & Annually||-|
|Premium Amount||8500 p.a (annual mode) Modal factors Applicable (for Non Annual Modes)||Based on the maximum sum assured of Rs 1 Crore|
|Sum Assured||5 Lacs (SI can be chosen in the intervals of 50,000)||1 crore (subject to underwriting)|
|Freelook Period||15 days from the receipt of the policy||-|
|Grace Period||30 days (15 days for monthly mode)||-|
There are no rider benefits available with this plan.
Max Life Premium Return Protection Plan is eligible for Tax benefits as stated:
(Subject to the provisions stated therein.)
Mr. Kumar is a healthy 30 year old salaried, married professional and was recently blessed with a baby. He wants to ensure his family continues to maintain a similar lifestyle even if he is not around. He wants to purchase a term plan at an affordable cost and also wants the premiums paid to be refunded after the term of the policy.
Step 1: Mr. Kumar decided that he needs a life cover of Rs. 25 Lacs.
Step 2: Mr. Kumar reviews the three Policy Term options and decides that for his purpose, the 11 pay, 30 years Policy Term is the best option.
Step 3: The Annualised Premium for his policy at Sum Assured of Rs. 25 Lacs comes out to be Rs. 30,500.